In this day and age where fraud is prevalent, and corruption is rife, many countries in the world have tightened their rules and regulations when it comes to starting and running a business. Companies are now required to have their annual accounts audited to prove to their business investors, lenders and to the government that they are operating as they claim to be. As a leading Audit Firm in Singapore,
Should I seek the services of an audit firm?
In Singapore, a company should undertake an audit annually to provide a full picture of the company’s financial position and operational results. Some of the reasons why you need to get your business audited are outlined below.
You are seeking access to financing or potential investors.
You need assurance related to financial performance in anticipation of a possible liquidity event
Non-active owners (i.e, a family member not involved in the day-to-day operations) are requesting an audit to help them evaluate the business decisions being made.
You are planning to sell your business. An audit will help you achieve the maximum sale price for your business.
The bank requires it for a loan or to check on the health of your company.
Your landlord requires it to ensure your financial health before they grant you longer terms or an expansion plan.
A supplier requests an audit to see if you are able to pay the number of products they will supply you with. The supplier needs to know whether your assets are real before they grant you credit.
The government requires it before providing you with certain grants (requirements for the programme, eg. Spring Singapore)
The benefits of undergoing an audit
Audited financial statements will allow you to:
be prepared for the changing needs of your company.
point out your organisation’s weaknesses and strengths. The audit will help you plan your next step towards utilising your company’s strengths and addressing its weaknesses.
make intelligent business decisions that will benefit not only the stakeholders but also your employees and clients.
have more insight into your operational effectiveness, controls and risk.
Gross Turnover Audit (GTO Audit)
As retailers and commercial real estate agents operating in large shopping areas, do you know that you are required to submit the schedule of gross sales turnover to the landlord?
There is a general provision in the tenancy agreement entered between the landlord and the tenant, whereby the tenant is required to submit the auditor-certified monthly sales report for the lease of premises within the stipulated period from the tenant’s financial year end, or if the landlord so requires.
The certified report shall validate the number of sales for the relevant period. The tenant is obliged to appoint an auditor to inspect its books and provide the certificated monthly sales report to the landlord.
EAPAC offers the audit of gross turnover and works closely with you to meet the requirements of the landlord.
EAPAC'S Auditing Services Singapore
Statutory audits are conducted to determine whether a company is providing accurate representation of its financial position. It is a legally required external audit completed annually to meet specific requirements set by the Singaporean Government.
EAPAC perform this type of audit in compliance with SSAs and FRSs. We look into the financial statements of an organisation as well as its business operations to determine its true financial state.
Special audits are a limited-scope examination of financial records and it is conducted when it is suspected that laws or regulations have been violated in the financial management of an organisation. It is designed to investigate allegations of fraud, theft or misappropriation of funds – or to quantify the extent of such losses. A special audit assists management in identifying and focusing on key areas and issues.
This type of audit is not required by any law or statute and its primary goal is to review and verify the company’s business. It is performed to identify weaknesses of an organisation which may hamper productivity and efficiency level of the business.
EAPAC conducts non-statutory audits for non-corporate entities such as partnerships, clubs, associations and charitable bodies.
An internal audit is undertaken to help an organisation achieve its objectives. It involves examination, monitoring and analysis of activities related to a company’s operations, business structure, employee behavior and information systems. It also assesses the effectiveness of risk management, control and governance processes in an organisation.
EAPAC are currently conducting internal audits for MAS registered businesses to ensure that they are or will be complying with the requirements set forth by the Monetary Authority of Singapore.
Audit of Government Grants
EAPAC are assisting companies which have applied for government grants from the Building and Construction Authority (BCA), Singapore Economic Development Board (EDB), Media Development Authority (MDA), SPRING Singapore and other government agencies.
EAPAC are offering forensic audit services to organisations or individuals who are seeking to prosecute a party for fraud, embezzlement or other financial claims. We will help you examine and evaluate financial information to be presented as an evidence in court.
Lucky Draw Audit
This is a type of audit undertaken to verify if the lucky draw procedure gives bettors an equal chance of being selected. EAPAC will be present during draw proceeding and we will check the terms and conditions to ensure compliance. We will also provide the audit report to CID.
Management Corporation Strata Title (MCST) Audit
EAPAC offer audit services for Management Corporation Strata Title (MCST) financial statements as required by Building Maintenance and Strata Management Act.
The EAPAC Advantage
Fast Turn Around Time
We can incorporate your company within one to two days provided you have submitted complete requirements.
We will guide you in the company set up and you will receive expert advice should you have other business ideas or requirements. Our phone lines are always open if you have questions regarding the registration of your company in Singapore. We’ll also notify you if the incorporation process will take more time or if ACRA will require additional documents.
EAPAC understands that each individual has different needs and financial capability, that’s why we’re offering flexible payment schemes and tailored payment plans.